Retaining Top Talent Should Be the Priority in Times of Crisis

The recession has forced many companies to cut back on costs, which can make it more difficult for companies to retain and attract top talent. As we know, many companies have already made layoffs or reduced salaries and benefits in an effort to save cash. Examples of global layoffs include Meta, Twitter, Microsoft, and Tesla; in Latin America, this is being replicated, especially in the tech industry.

Definitely, these are difficult times, but company executives must be aware that the only way to maintain and grow in the future is by retaining the people who make their companies work, which is not an easy task, but it can be done by following the right processes.  

To achieve this, you have to prioritize and manage your company's growth: retaining top performers, hiring the right talent, and keeping costs down. Balancing these factors can be challenging even under ideal circumstances. But when your company is facing a crisis, it presents its own set of challenges. Not only is keeping costs down a priority, but you also need to ensure that your team's morale remains high. 

Based on my experience in headhunting and talent management, here are some key points to retain and recruit the best talent:

Find out who are the top performers

The first step in retaining top talent is to develop a process for identifying employees who are performing at a level that exceeds expectations. While this may seem like an obvious approach, I know many companies that fail to define what represents exceptional performance or fail to regularly review each employee's performance against those expectations.

To achieve this, it is necessary to have tools to identify the best employees in the company. Common methodologies, such as OKRs, performance evaluation tools, employee promotion, and talent management software, can be very useful in maintaining the focus on our employees. 

The second step is to create an environment in which high-performing employees feel valued and rewarded for their contributions. To achieve this goal, it's better if you have a plan that supports your company's culture, this could include offering competitive and flexible compensation packages and professional development opportunities. 

Be transparent about the struggles that your company is facing 

I will not name the companies, but we know that several of the problems in recent weeks with layoffs are due to the lack of communication about the employee terminations, whether it be notifying them by email or removing access to their company accounts. Needless to say, this is definitely not a good practice. 

If there are layoffs or budget cuts coming down, it's important for all employees to understand exactly what's happening and why so that there aren't any surprises later on when positions close down. Open communication fosters trust and loyalty among employees and helps to prevent misunderstandings or resentment when someone has to go. 

This will help you gain the trust of your employees. You can even ask for their advice or suggestions on how to handle the situation. If they feel like they're being left out of the loop, it will make them feel unimportant and less likely to stay with you during this difficult time.

Be precise about the objectives they have to reach 

One common mistake that I find in startups or even traditional companies is that they don´t have written job descriptions and goals for each position. 

The most effective way to ensure that employees know how to achieve their goals is to talk to them regularly about them. To help them reach those goals you have to make sure that they know all about their responsibilities and their impact on the organization. 

Give them constant goals to accomplish. Achieving goals is an invaluable part of feeling confident about their work. It's also a sign that you think they're capable of more than what they've been doing so far.

This will make them feel valued and appreciated, which can help keep them from resigning when they find better opportunities outside your company.

Empower your top talent through recognition and development

The key to retaining top talent is to make sure they feel valued and appreciated. If they don't feel like they're being recognized or compensated fairly, they may look elsewhere for a new job.

Make sure that your employees understand how important they are to your organization's success. This includes not only improving their compensation: recognizing them with their leaders or team meetings could be a great choice.

If you need to hire new employees, do it right 

Hiring the right people is crucial to a company’s success. Having the right employees on your team can either make or break your business.

While hiring, you need to specify the responsibilities of the position, research if the salary is right for the level of seniority and quality of life desired by the candidate, make sure that their previous experience matches yours, and conduct the necessary interviews so that decision-makers in the corresponding area can assess whether their skills and knowledge are those required for the position.

In addition, you have to think about more than just the candidate's qualifications for the job. You have to make sure the person is the right fit for your team. This means that you have to do your research and confirm that their values and way of work align with those of your company, also known as “cultural fit.”

It can be difficult to find and retain the right employees for your company. If you don’t have an HR department, search for HR consulting firms that can help you with your recruitment process or talent management. Doing this can eliminate  some of the obstacles, so you can focus on your core business and the growth of your company.